Fredrick Lynch, CPA

More and more jurisdictions are passing laws requiring employers to provide paid leave to employees, and the COVID-19 pandemic has only accelerated this trend. To help you understand the potential impact on your existing policies, here are answers to some frequently asked questions on paid sick leave, vacation, and paid time off.

What are the options for individuals who cannot pay their tax liability by the extended due date? The IRS offers a payment plan, payment can be made by credit card, a retirement plan could be tapped or perhaps the money borrowed from a friend or relative. They all have negative implications.

Here is some midweek Wednesday Wisdom inspiration from your friends at FSL Tax & Accounting Services LLC

Here are the May 2021 individual tax due dates:

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. MFS filing can result in some unpleasant surprises.

There are a lot of benefits available for those who can take advantage of the Section 1202 gain exclusion on the sale of QSB stock, but the requirements and eligibility criteria are intimidating and complicated. Learn more in today's blog post.

It's tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment, you'll have more time to explore additional deductions and consider a tax plan for the future.

Congress came up with a special way to calculate the EITC and the child tax credit for 2020 that may be very beneficial for taxpayers whose income from working declined in 2020.

It is a common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a low fair market value, it would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost is tax deductible by the employer.

End of week tax fact from FSL Tax & Accounting Services LLC

If you are in danger of losing your home to foreclosure, there may be some unpleasant tax ramifications.

Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.